MyBit an open source, decentralized platform which lets users invest in smart, internet of things (IoT) devices on the Ethereum blockchain, announced today that it has teamed up with sustainable cryptocurrency mining firm, Alpine.
MyBit aims to be the premier platform for investing in internet of things technologies, according to the company’s press release, with smart contracts to automatically distribute all the revenues they generate.
Based in Gondo, Switzerland, Alpine Mining’s location benefits from three hydropower stations, providing a clean source of energy and cool climate, thus reducing costs on cooling systems, the company states.
Ian Worrall, CEO of MyBit, said, in a statement: “There’s a lot of excitement around the internet of things and blockchain right now. Globally, the market for IoT devices is projected to grow to USD 8.9 trillion in 2020. Here at MyBit, we’re making buying, selling and monetizing them as easy as using an app. And through our partnership with Alpine Mining, we’re bringing our tech to the mining community for the first time. Alpine is a 100 percent sustainable mining company. There has been a lot of negative coverage about the power cryptocurrency mining consumes. Alpine counters this. With their technology, every single transaction is powered by hydroelectricity alone.”
Integrating Alpine Mining in the MyBit platform will enable users to co-own existing mining operations, customize or crowdfund their own, the company said in a statement. MyBit, headquartered in Germany, according to Token Report data, is looking to partner with other existing companies in the crypto space as well as to help non-blockchain companies bring their internet of things devices to new audiences. MyBit’s vision is to democratize the ownership of machines and their revenue streams, instead of letting them fall into the control of centralized financing institutions, the company stated in its manifesto. The platform will be applicable to drones, self-driving cars, smart homes, autonomous machinery, 3D printers and more.
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